Altitude to retain focus on low-rise housing
Property developer Altitude Development Co is pressing ahead with low-rise housing projects, joint ventures and turnkey projects as this strategy is less risky during a pandemic.
Economic and tourism recovery driven by vaccinations will help revive the sluggish property market in tourism-reliant provinces which have been hit hard since the spread of Covid-19.
Fresh investment measures including a plan to allow rich foreigners to own land and property and pay a 17% personal income tax on local earnings are yet to be settled.
Property developer Altitude Development Co is pressing ahead with low-rise housing projects, joint ventures and turnkey projects as this strategy is less risky during a pandemic.
Property developers have become more careful in launching new residential project this year and are focusing on segments where demand is strong.
Housing developers in Nakhon Ratchasima, Khon Kaen and Udon Thani are set to resume supply of new units as a market recovery is expected to begin in the second half after mass vaccinations.
Prices of global real estate investment trusts (REITs) edged near pre-pandemic levels following the economic recovery and progress in global vaccine distribution, while Thai REITs remain the laggard despite excellent returns compared to global counterparts and government bonds, says Veena Lertnimitr, executive vice-president of Siam Commercial Bank.
Property developers are optimistic for the second half of 2021 because of a nationwide vaccination rollout and positive factors driving housing demand.
Economic and tourism recovery driven by vaccinations will help revive the sluggish property market in tourism-reliant provinces which have been hit hard since the spread of Covid-19.
Fresh investment measures including a plan to allow rich foreigners to own land and property and pay a 17% personal income tax on local earnings are yet to be settled.
Pruksa Real Estate Plc, the country's largest precast housing developer, is allowing homebuyers to change home functions, cutting or adding rooms for the first time since its establishment in 1993.
State-owned GH Bank targets 4 billion baht in online sales of second-hand houses this year, 14% higher than last year, even as the pandemic batters the Thai economy, says president Chatchai Sirilai.
The recent Covid-19 wave blew away rental residential demand in some cluster locations but boosted a growth of 50% for a website for purchase and rental, according to property portal website DDproperty.com.
Oakwood's extended-stay business model has helped it withstand the lack of international arrivals as it remains on pace to have 12 properties in its Thailand portfolio by 2023.
SET-listed developer Charn Issara Development Plc (CI) plans to open phase two of Baba Beach Club Hua Hin, a 47-room hotel, in the next two months as it is confident vaccination rollout will boost domestic tourism.
